- Jul 11, 2011
- Reaction score
- Chicago, Chicago, that Toddling Town
Actually, it had a lot more to do with the rest of the world reducing it's oil consumption, and the Saudis and Russians flooding the markets to keep their own economies afloat. Screwing up our environment to squeeze out the last few bits of oil from rocks isn't getting us that much.And whats the reason it’s so cheap per barrel?
Because we drove down the prices due to our being able to crack and make oil cheaper. This caused opec and others to lower their prices to compete. They kept lowering the price per barrel Because other countries want to stop us from fracking, which causes us to rely on them again. Once we stop fracking, it’s a quick opec meeting to raise prices again. Prices which we then can not offset due to no longer fracking.
This isn’t a hard tactic to understand.
OPEC is barely even a thing anymore.